Digital Domain Media Group won Academy Awards for visual effects in "Titanic."
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Digital Domain Media Group (DDMG), the company founded in part by "Titanic" director James Cameron in 1993, has filed for Chapter 11 bankruptcy, in both the US and Canada.

Last Friday, DDMG lost both its CEO John Textor after resigning and laid off 300 employees in its Port St. Lucie facilities.

Now, the company has sealed a deal to sell its main assets to Searchlight Partners Capital for $15 million, leaving the new Digital Domain free of its 3D conversion company In-Three and Digital Domain Institute.

Essentially, all that remains is the visual effects portion that was there when the company first began.

And, the new CEO, Ed Ulbrich, told Variety he couldn't be more thrilled.

"We're excited. This is really like a new chapter, a Digital Domain rebirth. We're back," said Ulbrich. "For me it's a thrill, a relief. It's been quite an emotional roller coater the last few weeks. It's great to be back doing what we do and focusing intently on that business."

Senior bondholders are providing $20 million in financing to keep the company operational.